We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.
Charlie MungerThe idea of caring is that someone is making money faster [than you are] is one of the deadly sins. Envy is a really stupid sin because itโs the only one you could never possibly have any fun at. Thereโs a lot of pain and no fun. Why would you want to get on that trolley?
Charlie MungerAll intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.
Charlie MungerWe've had the most massive creation of wealth for people a lot younger than those who formerly got wealth in the history of the world. The world is full of young people who really want to get rich, and when I left school nobody thought it was a reasonable possibility.
Charlie Munger